THE STEEL TRUST AND ITS MAKERS 159 



a century bcginnin<2; with 1855 the processes of steel making, 

 substantially as now conducted, were discovered by Sir Henry 

 Bessemer and others in England and on the continent. Early 

 in the sixties the first steel rails were made in England, and 

 late in the sixties the first in this country were made — in 

 Pennsylvania. This country is now making over ten million 

 tons of steel per year. The present great uses for steel, which 

 a century ago were scarcely dreamed of, are for railroads and 

 their equipment, ships, building frames, bridges, telephone 

 and telegraph wires, fences, piping, tools, machinery, and an 

 infinite variety of small articles such as nails, tacks, toys, 

 beads, wagon and bicycle wheels, house decorations, etc. Now 

 that these changes have come to pass, hundreds of others are 

 in contemplation. Railroad men are wondering how long it 

 wdll be before they can afford to use steel for ties, telegraph 

 poles, small station houses and many other purposes. Build- 

 ers and others are also contemplating many new uses for steel. 

 The United States Steel corporation is really founded on these 

 facts and conditions. 



As long ago as 1899, at least, the newspapers of New York 

 made somewhat frequent mention of the possibility of the 

 formation of a giant steel trust, or corporation, w^hich should 

 gather in the principal steel companies of the countiy. The 

 first mformation of a definite intention to accomplish the pro- 

 posed union reached the public in 1900, when such an attempt 

 was made. This attempt failed. 



After many rumors and reports, on Saturday, Februaiy 

 23d, 1901, in New York, an agreement to form the new com- 

 pany w^as reached. The reported makers of this agreement 

 were J. Pierpont Morgan and two of his partners, Robert 

 Bacon and Charles Steele; Francis Lynde Stetson, attorney 

 for the Morgan firm; William Nelson Cromwell, attorney for 

 the National Tube company; Judge Elbert H. Gray, attorney 

 for the Federal Steel company; Max Pam, attorney for the 

 American Steel and Wire company; Victor Morawetz, attorney 

 for parties in interest; John W. Gates, of the American Steel 

 and Wire company; Charles M. Schwab, of the Carnegie com- 

 pany; E. C. Converse, of the National Tube company, and 

 Judge William H. More, ^vho represented the National Steel 



